Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Scottsdale Real Estate Market

How To Make Your Dream of Homeownership a Reality

By

How To Make Your Dream of Homeownership a Reality

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.

In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:

  • 34% answered, “I don’t have enough saved for a down payment”
  • 30% answered, “My credit score”

If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.

Save for Your Down Payment

Your down payment is a big chunk of what you pay upfront for your home. For most home purchases, buyers put down some amount of cash up front (a down payment) and then take out a loan (a mortgage) to pay for the rest.

It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. In fact, according to the National Association of Realtors (NAR), today’s median down payment is 14% for the average buyer and just 6% for a first-time buyer.

Regardless of how much money you can save for your down payment, know there’s help available. A local lender can show you options to help you get closer to your down payment goal. Plus, there are even loan types, like FHA loans, with down payments as low as 3.5% for some buyers, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

Don’t know a lender? We are happy to send you some recommendations. Just contact us!

Beyond assistance programs and different loan types, here are a few other tips to help you as you save for your down payment:

  • Remember to factor in closing costs. In addition to your down payment, closing costs are usually 2% -5% of the home’s purchase price.
  • Maintain your savings. Your down payment shouldn’t deplete all your savings. It’s important to still have some money set aside for homeownership expenses after you move in.
  • Explore your options and lean on your trusted advisor for expert guidance. Do your research, ask questions, and look into the resources available for buyers like you.

Improve Your Credit Score

Your credit score is a number that indicates how financially reliable you are to lenders. A higher credit score usually means you’ll be able to borrow more money at a better interest rate. If your credit score is preventing you from getting an affordable mortgage, there are some steps you can take to improve it. Here are two:

  • Pay your bills on time. When you pay your bills on time, your credit score improves. When you’re late, it takes a hit. One way to make paying your bills on time easier? Set up automatic payments when and where you can.
  • Mix it up. From auto loans, to credit cards, to mortgages – there are several different types of credit. And having a mix of them improves your credit score.

Bottom Line

If you want to purchase a home this year, let’s connect so we can start preparing.

Scottsdale AZ Luxury Home Market – January 2023

By

– Scottsdale Luxury Home Market Performance for January 2023 –

In this report, we examine the luxury home market in Scottsdale. To show the results in better detail, we have split the information into four price bands.

Overall, we did see inventory increase by the end of the month, which makes sense as many sellers wait until the new year to list their homes. And although sales activity was mixed, we did see an increase in pending contracts which will be good news for February’s numbers.

– JANUARY 2023 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million January 2023

– Active Scottsdale Homes on the Market: The inventory of available homes jumped 17.3% between the end of December and the end of January, placing us back at a level seen in the August/September range.
– UCB Scottsdale Home Sales: UCB contracts skyrocketed 58.5% when compared to the end of December. This is ahead of the 12 month average and is where we were seeing things in early/mid-summer 2022.
– Pending Scottsdale Home Sales: The number of pending sales was also up in January. There was a 24.5% increase between December and January.
– Scottsdale Homes Sold: Sales saw a modest improvement and came in slightly higher.
– Sales Price to Listed Price: 96.1%- On average, buyers saw a discount of 3.9% off of list price.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million January 2023

– Active Scottsdale Homes on the Market: The number of homes for sale climbed in January to a level where they have been for the last several months, not counting December.
– UCB Scottsdale Home Sales: The number of UCB contracts rebounded back to pre-December levels.
– Pending Scottsdale Home Sales: Pending contracts rebounded nicely in January.
– Scottsdale Homes Sold: December posted very low UCB and pending contracts. With that, sales in January were impacted because of the smaller pipeline.
– Sales Price to Listed Price: 95.4% – On average, buyers saw a discount of 4.6% off of list price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million January 2023

– Active Scottsdale Homes on the Market: The number of homes for sale increased 20.4% between December and January.
– UCB Scottsdale Home Sales: The number of UCBs was back up and even surpasses the 12 month average. This is this price point’s best performance since summer of 2022.
– Pending Scottsdale Home Sales: The number of pending sales remained level at 23 in January.
– Scottsdale Homes Sold: Just like we saw in the last price range, sales were down in January due to a lower number of contracts in the pipeline.
– Sales Price to Listed Price: 94.6% – On average, buyers saw a discount of 5.4% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million January 2023

– Active Scottsdale Homes on the Market: The number of homes for sale rose by 17.5% in January, well ahead of the 12 month average of 155. This is the highest this figure has been in the past year.
– UCB Scottsdale Home Sales: After a horrible month in December, we saw the number of UCB contracts almost double.
– Pending Scottsdale Home Sales: Pending sales had a much better month in January, closing it out at 26.
– Scottsdale Homes Sold: And, like we have seen in other price ranges, sales were impacted by a shortage of pending activity.
– Sales Price to Listed Price: 95.4% – On average, buyers saw a discount of 4.6% off of list price.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2023 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2023 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2023

By

Luxury Condo Sales in Scottsdale and Phoenix – January 2023

January was a quieter month in terms of sales volume. However, this is something we see seasonally as buyers tend to put off shopping for homes during the holiday season. 

In this report, we look at luxury condos in Scottsdale and Phoenix. All of these homes were on the market for one million dollars or more. 

ACTIVE LISTINGS AT THE END OF JANUARY

The number of luxury condos for sale increased by three between the end of December and the end of January when there were forty-nine units for sale. 

The priciest luxury condo for sale is new to the market. Located in the Scottsdale Waterfront community, this home has three bedrooms, three and one-half bathrooms and 3,940 square feet. It was listed for $5,900,000.

The least expensive condo for sale was in the Optima Camelview community. It has two bedrooms and bathrooms and 1,346 square feet. It was listed for $1,030,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were three homes in UCB status at the end of the month and they were all located in Scottsdale. 

UCB Condos in Scottsdale

  • Portico Condominiums– This is a new development in North Scottsdale.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,637,100.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,679,900.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,954 square feet. Asking price was $2,300,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of pendings fell for the first time in many many months. We closed out January with fifty-four pending sales. Of those, fifty of them were located in Scottsdale. Almost all of them are located in communities currently under development. 

Scottsdale Pending Luxury Condos

  • Optima Camelview
    • Three bedrooms, two bathrooms, 2,272 square feet. Asking price was $1,689,000.
    • Two bedrooms and bathrooms, 1,448 square feet. Asking price was $1,549,000.
  • Scottsdale Waterfront – Two bedrooms, two and one-half bathrooms, 2,117 square feet. Asking price was $1,695,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,846 square feet. Asking price was 1,800,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,582,200.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,890,000.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Two bedrooms, two and one-half bathrooms, 2,020 square feet. Asking price was $1,075,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,447,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,532,900.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Two bedrooms, two and one-half bathrooms, 3,363 square feet. Asking price was $3,250,000
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
  • Two Biltmore – Four bedrooms, five bathrooms and 4,817 square feet. Asking price was $4,295,000.
  • Fairway Lodge – Three bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,499,000.
  • Portland on the Park – Three bedrooms and bathrooms, 2,486 square feet. Asking price was $1,500,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There was a total of five luxury condo sales in January. 

Scottsdale Luxury Condo Sales

  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,846 square feet. Asking price was $1,600,000 and it closed for $1,400,000. 
  • Optima Camelview
    • Three bedrooms and bathrooms, 2,918 square feet. Asking price was $1,999,990 and it sold for $1,925,000.
    • Two bedrooms, two and one-half bathrooms, 1,955 square feet. Asking price was $1,750,000 and it closed for $1,537,500.
    • Two bedrooms and bathrooms, 1,528 square feet. Asking price was $1,049,000 and it sold for $980,000.

Phoenix Luxury Condo Sale

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2023 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2023 Heather Tawes Nelson | Joyce Tawes

Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years

By

Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years | MyKCM

The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

Comparing Scottsdale’s single-family home inventory prior to the pandemic and now, there were 1,318 homes for sale in March 2020 compared to 1,097 homes for sale in January 2023. While this is not a huge difference, in a smaller city like Scottsdale, 221 fewer homes on the market makes a difference.

The graph below shows how today’s inventory of homes for sale compares to recent years:

What Does This Mean for You?

Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.

With a renewed interest in buying a home for many, the New York Times (NYT) reports:

“Home buyers are edging back into the market after being sidelined last year . . .”

So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.

Bottom Line

The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.

Quick Video Update of the Scottsdale Real Estate Market – January 2023

By

– January 2023 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of January.

January 2023 – Video


Scottsdale Active Listings

Scottsdale homes for sale January 2023

Once again, we saw a huge increase (164%) in the number of homes for sale when compared to the same time last year. However, last January, we were experiencing some of the lowest levels of homes for sale we have seen. We are still not back up to where we were numbers-wise pre-pandemic.

On a month-over-month basis, the number of homes for sale at the end of January was up 7% over December.

Median List Price for Scottsdale Homes

Scottsdale homes median list price January 2023

The median listing price is the exact midpoint of listed home prices. Half of the homes are priced higher and half of the homes are priced lower.

In January, the median listing price in Scottsdale was $1.35 million. While this is down from last January’s $1.5 million median list price, it is higher than December 2022’s median listing price of $1.25 million.

Days on Market

Scottsdale homes days on market January 2023

Days on Market (DOM) is a quick and high-level way to gauge the health of a real estate market. When the DOM is high, homes are taking longer to sell. When the DOM is low, homes are selling at a faster pace.

In January, the Days on Market was 76. This is up 73% from January 2022’s 44 days.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price January 2023

We talked about the median listing price at the beginning of this post and now will examine the median sales price.

Scottsdale’s median sales price in January was $925,000. This is lower than January 2022’s $940,000 as well as lower than December’s $929,000.

Number of Homes Sold

Finally, we will take a look at the number of homes sold. 

Scottsdale home sales January 2022 vs January 2023

The number of homes that sold in January was the lowest we have seen in a very long time. Typically, January is a quieter month, but the slowdown in the market really did not help the sales numbers.

205 homes sold in January. This is almost half of what sold in January 2022.

Scottsdale home sales December 2022 versus January 2023

And looking month-over-month, sales were down 15%.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

Experts Forecast a Turnaround in the Housing Market in 2023

By

Experts Forecast a Turnaround in the Housing Market in 2023 | MyKCM

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

As far as the Scottsdale, Arizona market, we are seeing these kinds of shifts as well. Contract activity is picking up indicating home sales will rise, which is good for sellers. Also, inventory is up relative to last year, which means buyers have more options. And, since the pace has calmed down after the market frenzy, we are not seeing a lot of multiple offer activity and buyers may be able to negotiate better terms.

Bottom Line

If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.

Scottsdale AZ Single Family Home Sales – January 2023

By

– January 2023 Scottsdale Homes for Sale and Home Sales –

Welcome to the first month of home sales results for Scottsdale in 2023. Since we are coming off almost two months of holidays, January tends to be a very slow month for sales, but we often see an uptick in new contract activity.

SCOTTSDALE HOME SALES ACTIVITY – JANUARY 2023

We track the following sales metrics on a monthly basis to get a sense of any trends.

– Single-family homes for sale – Orange Line – How many homes were for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line -How many pending contracts there were at the end of the month.*
– Home Sales – Blue Line – The number of home sales that month.

JANUARY 2023 RESULTS

Scottsdale home sales Janaury 2023
  • Scottsdale Homes for Sale: As I suggested last month, we were planning on the number of homes for sale to rebound in January. Many folks take their homes off of the market during the holidays or wait until the new year to list them. This January was no different as we bounced back up into the 1,000+ range.
  • UCB (Under contract, accepting backup offers): After a few rough months for UCBs, we finally saw then head back into ranges we saw last summer. As we get further into the high season, I anticipate UCB figures to rise.
  • Pending Homes Sales in Scottsdale: Pendings also had a couple of rough months. Pending sales were up at the end of January, but we have a little bit to go before we hit summertime 2022 levels.
  • Scottsdale Home Sales: Home sales hit their lowest point of the year in December. While this is quite a bit lower than we saw last year at this time, the much lower number of UCBs and pendings based on seasonality had an impact.

Here are two more sales metrics we track for the Scottsdale real estate market:

Scottsdale real estate market January 2023

Percent Change Month Over Month – Here, we are looking at the most recent month’s performance as compared to the month before. As you can see, active listings, UCBs and pendings were all up, but sales fell off by 15% between December and January.

Sales Price to List Price – This is a high-level gauge to see how listing prices and sales prices are lining up. In January, it came in at 95.6%. That means on average, buyers saw a 4.4% discount on asking prices.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2023. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2023 Heather Tawes Nelson | Joyce Tawes

Top 6 Home Design Trends To Watch in 2023

By

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most.

But while it’s important to make your home your own, it’s also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don’t plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road.

And if you’re in the market for a new home, it’s wise to keep an eye out for features that might need to be updated soon so you can factor renovation costs into your budget.

We’ve rounded up six trends that we think will influence interior design in 2023, as well as ideas for how you might incorporate them in your own home. Remember, before taking action, it’s always wise to consult with a real estate professional to understand how specific updates and upgrades will affect your property’s value in your local market.

  1. Separate Kitchen, Dining and Living Areas

For years, home design has been dominated by open-concept floor plans, particularly for kitchen, dining, and living areas. However, as the pandemic forced families to work and study from home, many struggled to find the privacy and separation they needed. As a result, designers report that more families are choosing to bring back kitchen and dining room walls to break up the space and create quieter areas.1

That doesn’t mean that we’re returning to an era of dark and cramped spaces, however. Even as walls make a return, it’s important to take care to retain a sense of flow and openness within the home and to prioritize natural light.

If you’re buying or building a new home, consider how you will use the space and whether or not an open floor plan will suit your needs. If you already live in a home with an open floor plan and it isn’t working for you, try rearranging furniture and strategically placing pieces like bookshelves, room dividers, or rugs to create distinct areas within the home and reduce noise.

  1. Nature-Inspired Design

In the past few years, we’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023.2 This trend is all about bringing the outside in by adding natural touches throughout your home.

This year, design experts predict that natural, sustainable materials like bamboo, cork, and live-edge wood will lend character without being overwhelming. Wooden kitchen cabinets and islands will become more common in 2023, with white oak and walnut among the most popular choices.3,4 Wood will also appear in bathroom vanities and shelving and furniture throughout the home.

Colors inspired by nature (think mossy greens and desert tones) will also play into this trend and will blend seamlessly with wood tones. We’re also seeing a return to natural stone countertop materials like quartzite, marble, dark leathered granite, and soapstone.4,5

If you’re planning to add new shelving or redo your kitchen, consider turning to these materials to embrace the biophilic look. Or, incorporate elements of the trend by choosing nature-inspired paint colors and adding to your houseplant collection.

  1. Lighting as a Design Feature

Spending more time at home has shown us the importance of having the right lighting for specific tasks and times of the day. As a result, many homeowners are reconsidering the ways they light their homes and using light fixtures to change the usability and mood of their spaces.5

In particular, homeowners are rejecting bright, flat overhead lighting and replacing it with lamps and task-specific options. A layered approach to lighting—such as using a combination of under-cabinet, task, and ambient lighting in a kitchen—enables homeowners to tweak the level of light they’re using based on the time of day and what they are doing.

In 2023, we expect to see more statement chandeliers, pendants, and wall sconces in a variety of shapes and materials.6 Thinking about switching up the lighting in your home? Start by adding floor or table lamps and swapping out fixtures before you invest in rewiring your space. Take note of what works and what doesn’t and watch how the light in your home changes throughout the day. You can then use that information to make lighting decisions that require a bigger investment.

  1. More Vibrant Color Palettes

After the long dominance of whites and grays, more vibrant colors are coming back as a way to add character and dimension to homes.

This year, warm and earthy neutrals, jewel tones, and shades of red and pink are particularly popular.7,8 If your style tends toward the subtle, consider options like light, calming greens, blues, and pastels.

Major paint brands have responded to these homeowner preferences with their newest releases. Benjamin Moore’s 2023 color of the year, Raspberry Blush, is a lively shade of pinkish coral, while Sherwin William is embracing warm neutrals with Redend Point, a blushing beige.9,10 Behr’s choice of the year, Blank Canvas, is a creamy off-white that’s a warmer version of the stark whites that have been trending over the past few years.11

If you’re planning to put your home on the market soon, it’s better to play on the safer side and avoid extremely bold or bright color choices when it comes to paint or fixed finishes like tile and countertops. Instead, try incorporating pops of color through throw pillows, art, and accessories.

  1. Curved Furniture and Architectural Accents

Goodbye, sharp corners. In 2023, arches and curves lend a sleek feel that draws on classical design and retro trends while remaining modern.5,8 Rounded corners feel more relaxed and natural than sharp edges, lending more of a sense of flow and comfort to a home.

If you want to incorporate the trend into your new build or remodeling plans, curved kitchen islands and bars and arched alcoves are all good options—or you can take it a step further with arched windows and doorways. You can also carry this trend through to your light fixtures by incorporating a bubble chandelier or globe pendants.

It’s easy to embrace this look without renovations, too. Look for a softer feel in furniture, with sofas, chairs, and tables that showcase curved edges. Or, break up your space with an arched folding screen and a circular rug.

  1. Art Deco Revival

Art Deco, the architecture and design style that took hold in the 1920s and ’30s, is enjoying a resurgence.12

As a style, Art Deco is marked by bold geometry, textures, and colors, as well as an emphasis on art. But the 2023 interpretation of this style is likely to be a bit less splashy than its historical roots. Designers predict that instead of incorporating all of the elements of the style, which could feel overwhelming, homeowners will pick bursts of color or bold accessories to bring some whimsy to their space.

Keep an eye out for vintage mirrors, lamps, or vases that bring a touch of Art Deco glam to your home, or embrace bold colors and fabrics like velvet. Choose pillows and throw blankets in bright colors and geometric patterns to nod to the look without diving in all the way.

Photo by Favreau Design – Browse living room photos<

DESIGNED TO SELL

Are you thinking about remodeling or making significant design changes to your home? Wondering how those changes might impact your future resale value?

Buyer preferences vary significantly based on your home’s neighborhood and price range. We’re happy to share our insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give us a call for a free consultation!

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

  1. US News and World Report – https://realestate.usnews.com/real-estate/slideshows/interior-design-trends-for-2023?slide=2
  2. Architectural Digest – https://www.architecturaldigest.com/story/design-trends-in-2023
Malcare WordPress Security